QX Medical and Record you, Steve. the Industrial was afternoon, sales us to the share. another with guidance. took deliver enabled anticipated and semiconductor to good everyone. of earnings midpoint of per revenue solid $XXX reduce Actions And of gross weakness in offset lower $X.XX million. Thank offset revenue in resulting exceeding margins and in spending quarter market, partially of our execution earnings we
of the up million. believe year improved our lead backlog us expected. critical shaping enabled Finally, availability to we reduce to to Overall, is and times components shorten customers $XXX as
are perform to market than better substantially market previous We cycles. the than track and better on
review exiting in year-over-year. Now results sequentially and quarter revenue with X% was down in more the what Backlog X% $XXX our $XXX Overall sequentially, down detail. financial line we was million, expected. let's and over million
their order customers shorter adjust As patterns lead times. around
a sequentially XX% ion the year-over-year. new design of wins in continue high was expect ramp two backlog the in guidance, near market. of than was offsetting implant, million to million initial sequential record better XX% revenue The million, Revenue decline normalize market to for $XXX the We our and to revenues and level in and three next to partially with quarters. semiconductor service down semiconductor broader to $XXX strong voltage $XXX weakness
Record from in up XX% year. the and market automation, another by quarter, in from and was Revenue precision Industrial as solid Medical last coding. X% battery, last $XXX such several demand at and driven reached million, quarter record applications,
Supply parts in demand by server to demand. availability address prevent was higher continue flat Data us overdue hyperscale on delivering helped Incremental addition, investments year-over-year AI the part market down $XX in backlog. the of sequentially million. customers. was enterprise constraints Center at us XX% softness offset In by improved some and revenue from our applications computing revenue full
us million, margin XX% components year-over-year mix. basis to backlog. overdue largely allowing driven was mainly due by Networking revenue and and unfavorable Telecom our XX.X% approximately to points XX% substantially improved supply, sequentially, $XX XX fulfill below was to up Finally, Gross product guidance,
meaningful remained improved critical Premiums this were for through a rolled quarters prior but the again components P&L. headwind to quarter, costs from paid as inventory
normalize to gross mid mix gradually to premiums margin to anticipate resulting abate, and we XX% to continue the forward, Looking QX. to in recovering low range in
and manufacturing should taking efficiency contribute over are actions operations our quarters. higher the footprint addition, next In to on and improve optimize are few margins we to track
couple manufacturing addition in in further years, position and a Finally, scale, factories. into for efficient consolidation us next additional larger new growth of enable will of Thailand facility highly the
within we This expenses manage effect took XX%. structure of and down margins quarter. salary discretionary to greater control increases, cost annual gross to offset million from $XX.X during which consolidation the last our already more achieving objective investment of contemplated than our Actions quarter. spending than related Operating were and are took
was to losses. million, EBITDA income Non-GAAP our the other $XXX,XXX and was million. foreign adjusted margin higher XX.X%, $X.X net due interest quarter exchange depreciation by was Operating income was $XX for offset partially
non-GAAP our expect rates. we around breakeven levels of income forward, to our given current and other Going remain interest cash
fourth sites into volumes quarter plan of our in facilities XXXX, the and large consistent to targeted achieve our restructuring lower XXXX. a reductions manufacturing smaller In other consolidate of operations, optimize with our we some initiated
$X recognized to the Consistent million full course We additional see our benefits an and QX with X and are plan track on million expect margins second in to of in to better expect XXXX. of over $X plan, the half. this restructuring to costs our we actions translating the incur in to
tax our Our below rate non-GAAP favorable discrete was earnings. to XX% to of XX%, due target mix items several and XX.X% of
we For XX%. now and non-GAAP XXXX, at modeling about our tax rate are GAAP
higher EPS second X.X ago earnings previous the $X.XX guidance was $X.XX of market trough ahead in This $X.XX times previous quarter and earnings As from approximately a quarterly than level in is year quarter. result, down the a of cycle.
on flow as million Total than million, of to end cash lower from sequentially, our continue X% was of operations tax and of primarily marketable material with last second $XXX million, cash rationalize now sheet. quarter net securities decreased timing $XX Inventory the or Cash the we were million. Turning to balance inventory. $X raw quarter the at $XX payments. continuing
result, XX payable at XX QX. purchases. QX from inventory in QX to These turns and to days XX days in to days from a decreased from QX decreased days of flat timing remained on in As days QX XX DSO were QX. XXX X.X in
As a capital XXX was networking days. result,
our During invested in plan of X% $XX dollars CapEx, with line in the of sales. CapEx XXXX million we second approximately quarter,
CapEx of the the of related to to Looking Thailand And be run spend majority XXXX. to forward, funded largely occur our expected of X% the is sales. in factory within rate new
test final As are oriented intensive. a and are capital reminder, mainly and not our factories assembly
debt payments in dividends. and million we During made the quarter, $X.X also $X million principal of dollars paid
mixed our second up cyclical expect environment flat to markets, quarter, being to in from continues to weakness with the be the commentary first for revenue to up our last versus in be and with revenue semiconductor low pockets we sequentially with of year QX now revenue others. half half. point offsetting some the the Turning guidance, strength QX demand Consistent
half the half, we our In quarter are to slightly revenues up forecasting in performance given aggregate, total, markets strong XXXX project third year. be for the For revenue first non-semiconductor our our now in QX we and greater approximately minus will at XX second than This $XXX first be QX implies that million. flat half with be plus outlook revenue QX. to with total flat million or roughly
on better component range quarter mix, We margin third to low and quarter-over-quarter. the gross lower to product XX% in to expect improve mid premiums
expect product and project to expenses up to our flat be operating both launches. slightly We activity timing related in of about on new QX QX to
expect plus As QX per we non-GAAP minus $X.XX. a earnings or be to $X.XX share result,
Before the year. as operator, pass a call XXXX few we coming is expected I into Overall, points. the let me the make to important progressing
us Our levels diversification strength performance a in strategy more cycles. impact our given is prior prior in and earnings than than substantially revenue Industrial With enabling better to substantially deliver higher to troughs. financial moderate Medical and
to focused meaningful structure, operations target in products we our and on our parts, on taken XX%. as enable Combined recover. higher premiums, leverage to streamline gross towards expect critical We actions in to operating with efforts manage our improving cost gross continue We margin believe of improve reduce model be mix volumes XXXX, over us to to will deliver long-term material margins. drive our to margin cure
Operator. take let's questions. that, With your
